Introduction to self-onboarding
The most important thing when setting up your Konsolidator account is to remember to keep it simple and to follow the order below.
In this introduction, we have collected all relevant guides for successful onboarding. It is important that you read/watch the individual guides before performing the individual tasks since the individual guides contain does/don'ts.
The self onboarding flow contains links to the most relevant guides for each task. There are more guides that can be used if needed.
See all guides in the Konsolidator Kommunity
The most important thing when setting up your Konsolidator account is to remember to keep it simple and to follow the order below.
In this introduction, we have collected all relevant guides for successful onboarding. It is important that you read/watch the individual guides before performing the individual tasks since the individual guides contain does/don'ts.
The self onboarding flow contains links to the most relevant guides for each task. There are more guides that can be used if needed.
See all guides in theKonsolidator Kommunity
The different tasks
The self onboarding is divided into the areas below. All areas will be described individually.
Please perform the tasks in the order below.
- Setup
- Upload
- Exchange rates
- Journals
- Consolidation
- Reporting
- Budget & Forecast
- Next step
1. Setup
Setup in Konsolidator is divided into the below tasks. The setup phase is the most time-consuming part of the onboarding because it is here where you need to think about what the final reporting output should look like.
Setup Group Settings:
The first task you need to perform is filling in information related to your group and customer details.
Related guide: Group Settings
Group Structure:
The next task you need to perform is to set up the group structure. The group structure is important in relation to achieving the expected reporting level later in the onboarding.
Related guide: How to fill in the Group Structure Template
Group Accounts:
The next task is related to group accounts and selecting the level of future reporting. The group accounts are important since selecting the wrong group accounts will lead to more time spend on the onboarding.
Related guides in completion order:
- Select standard Group Accounts
- Create new group accounts
- Edit group accounts
- Create a new parent account
- Map local accounts for a new company
2. Upload
After completing the setup phase where you have filled in company information, created your structure for reporting, selected the standard group and adjusted these, and finally established the link from local account to group accounts it is time to start uploading actual numbers.
Related guides in completion order:
- How to use the upload template in actual
- How to upload trial balances
- Perform reconciliation
3. Exchange rates
The next step in the onboarding flow is understanding the setup in relation to exchange rates. In general, Konsolidator calculates using the weighted average on profit/loss accounts. Therefore understanding the calculation method is important.
Related guides in completion order:
4. Journals
After uploading balances and understanding the setup/calculations of exchange rates it is time for calculating/creating journals.
Overall Konsolidator has three elimination types (Adjusting journal entries, Reclassification journal entries, and Eliminations journal entries) and two adjustment types (System and Manual).
Related guides in completion order:
- Journal types
- Calculate and post journals
- Eliminations on group accounts
- System journals - using the cost method
- How to setup tolerance
- Copying journals between periods
- Attachment of file in journals
5. Consolidation
When all journals are finalized it is time for consolidating the numbers.
Before consolidating the uploaded numbers we will go back to the onboarding flow and illustrate how uploaded numbers are included in the consolidation. This will give you an understanding of the data flow on how the balance uploaded in local currencies ends up in the consolidation in the currency for the parent.
Related guide: Reconciliation from upload report -> FX report -> Consolidation report
Below the consolidation report for December 2020 for our demo customer is attached. As seen in the button the consolidation report contains individual sheets for each group in the group structure.
If we again focus on Denali it is possible in the sheet FX for Mountain to see the uploaded number in local currency and the conversion to the number in group/subgroup currency for the nearest parent. Denali is part of the Group Mountain. In column N in the sheet Group Mountain, the translated number is disclosed. In the consolidation, it is possible to follow the uploaded number for each entity to the consolidated number.
Related report: Consolidation Report_Demo customer.xlsx
Please be aware that as earlier stated in the area exchange rates Konsolidator uses the weighted average on exchange rates on Profit/loss.
6. Reporting
At this point in the onboarding process, you should have both uploaded and consolidated at least one period in Konsolidator. If your reporting needs go beyond the standard reports, available to generate within Konsolidator, you can use Konnect. Konnect is our API/data source for getting your numbers out of Konsolidator and into the reporting of your choice.
Reporting guides in completion order:
- What is Konnect
- Connecting to Konnect
- What data is available (tables)
- A simple reporting example (Excel)
7. Budget & Forecast
After performing your reporting it is time for start working with your budget and forecast.
All guides related to budget and forecast can be found using this link: Budget and forecast
8. Next step
When the first consolidation is performed and the reporting template is as expected we always recommend disabling unused group accounts.
Disabling unused accounts will lead to higher performance in the application and at the same time in your management reporting.
See the guide on disabling accounts: Disable group accounts